The fund’s returns have been difficult to benchmark: Over the past decade, it has been in the small-blend, mid-blend, and mid-growth camps (where it currently lands). Its 10-year trailing returns top the S&P 500 Index as well as its current peer group, though. Given the fund’s concentrated portfolio and offbeat sector weightings, investors should expect its relative performance to fluctuate from year to year. Overall, though, careful, patient stock-picking has produced strong risk-adjusted returns.

About Focus on Funds

As exchange-traded funds and other investing vehicles have ballooned in number, the task of figuring out what works well and what doesn’t has only gotten harder. Barrons.com’s Focus on Funds looks under the hood of ETFs, mutual funds and hedge funds for overlooked values, actionable ideas and the latest pitfalls for fund investors.

Chris Dieterich has covered the U.S. stock market for The Wall Street Journal and Dow Jones Newswires. He is a graduate of Regis University and the Missouri School of Journalism.